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3. bIAXIMUM OBLIGATION LIMIT, The total principal amount of the Secured Debt (hereaher defined) <br />secured by this Decd of Trust at any one time sball not exceed $ 19D,.ODa.Oa_. <br />This limitation of amount does not include interest, loan charges, commitment fees, brokerage commissimts, <br />attorneys' fees and other charges validly made pursuant to this Deed of Trust and does not apply to advances <br />(or interest accrued on such advances) made under the terms of this Deed of Tnist to protect Lender's <br />security and to perform any of the covenants contained in this Deed of Trust Future advances are <br />contemplated and, along with other future obligations, are secured by this Deed of Trust even though all or <br />part may not yet be advanced Nothing in this Decd of Trust, however, shall constitute a commimtent to <br />make additional or future loans or advances in any amount Any such commitment would need to be agreed to <br />in a separate writing. <br />4.. SECURED DEBT DEFINED- The term "Secured Debt" includes, but is not limited to, the following: <br />A. The promissory note(s), contrtet(s), guaranty(s) or other evidence of debt described below and all <br />extensions, renewals, modi0cations or substitutions (Evidence of Debt): <br />The fatal amount o.f p.ressnc. indebtedness secured. hereby is $.19.0,000.0.0. <br />. _. _ .. . <br />(e g . 6orrmver's nnrne, note amount. note Ante, interest rare, mm~u-iry date) <br />B All future advances from Lender to Grantor or other future obligations of Grantor to Lander under any <br />promissory note, contract, guar:uuy, or other evidence of debt existing now or executed within fifteen <br />years after the date of this Deed of Trust whether or not this Deed of Trust is specifically referred to in <br />the evidence of debt. This Deed of Trust is intended to comply with the provisions of Article 7, <br />Chapter 45 NCGS <br />C All obligations Grantor owes to Lender, which nosy exist or may fitter arise, to the extent not <br />prohibited by I:nv, including, but not limited to, liabilities for overdrafts rearing to any deposit account <br />agreement between Grantor and Lender. <br />D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otbenvise <br />protecting the Property and its value and any other sums advanced and expenses incurred by Lender <br />under the terms of this Deed of Trust, plus interest at the highest rate in el'tect, from time to time, as <br />provided in the Evidence of Debt. <br />E Grantor's performance under the terms of any instrument evidencing a debt by Grantor to Lsnder and <br />any Deed o£ Trust securing, guarantying, or otherwise relating to the debt <br />If more than one person signs this Deed oP Tnist as Grantor, each Grantor agrees Umt this Deed of Trust will <br />secure all future advances and future obligations described above that are given to or incurred by any one or <br />more Grantor, or any one or more Grantor and others. This Deed of Trust will not secure any other debt if <br />Lender fails, with respect to such other debt, to make any required disclosure about [his Deed of Trust or if <br />Lender fails to give any required notice of the right of rescission. <br />5, PAYMENTS.. Gr:mtor agrees m make all payments on the Secured Debt when due and in accordance with <br />the terms of the Evidence of Debt or this Deed of Trust <br />G. WARRANTY OF TITLE. Grantor covenants that Grantor is lawfully seized of the estate conveyed by this <br />Deed of Trust and has dte right to irrevocably grant, convey and sell to Trustee, in trust, with power o1'sale, <br />the Property and warrants that the Property is unencumbered, except for encumbrances of record <br />7. CLAIMS AGAINST TITLE. Grantor will pay all taxes, assessments, liens, encumbrances, lease payments, <br />ground rents, utilities, and other charges relating to the Property when due. Lsnder may require Grantor to <br />provide to Lender copies of all notices that such amounts arc due and the receipts evidencing Grantor's <br />payment Grantor will defend title to the Property against any claims that would impair the lien of this Deed <br />oY Trust. Grantor agrees to assign to Lender, as requested by Gender, any rights, claims or defenses which <br />Grantor may have against parties who sup ply labor or materials to improve or maintain Ote Property. <br />8. PRIOR SECURITY tNTERESTS. With regard to any other mortgage, deed of trust, or security agreement <br />or other lien document tlta[ created a prior security interest or encumbrance on the Property and that may <br />have priority over this Deed of Trust, Gr:mtor agrees: <br />A To make all payments when due and to perform or comply with :dl covenants. <br />B To promptly deliver to Lender any notices that Grantor receives from the holder. <br />C Not to make or permit any modification or extension of, and not to request or accept any lumre <br />advances under any note or agreement secured by, the other mortgage, deed of trust or security <br />agreement unless Lender consents in writing <br />9 DUE ON SALE OR ENCUhtBRANCE.. Lender may, at its option, declare the entire balance of the Secured <br />Debt to be immediately due and payable upon the creation of any lien, encumbrance, transfer, or sale, or <br />contract for any of these on the Property However, if the Property includes Grantor's residence, this section <br />shall be subject to the restrictions imposed by federal law (12 GF- R 591), as applicable. For the purposes of <br />this section, the term "Property" also includes any interest to all or any part of the Property This covenant <br />shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Deed of <br />Trust is released. <br />10 TRANSFER OP AN INTEREST IN THE GRANTOR. if Grantor is an entity other than a nautrtl person <br />(such as a corporation or Deter organinuion), Lender nmy demand immediate payment if (I) a beneficial <br />interest in Grantor is sold or transferred; (2) there is a change in either the identity or number of members of <br />a partnership or similar entity; or (3) tltere is a change in ownership of more than 25 percent of the voting <br />stock of a corporation or similar entity HoweveG Lander may not demand payment in the above situations if <br />it is prohibited by law as of the date of this Deed of'fnist. <br />I1.ENT'ITY WARRANTIES AND REPRESENTATIONS. If Grantor is an amity other tltan a natural person <br />(such as a corporation or other organization), Grantor makes to Lender the following warranties and <br />represenmtions which shall be continuing as long as the Secured Debt remains outstanding: <br />A Grantor is an entity which is duly organized and validly existing in the Grantor's state of incorporation <br />(or organization) Grantor is in good standing in all states in which Grantor transacts business Grantor <br />has the power and authority to own the Property and to carry on its business as now being conducted <br />and, as applicable, is qualified to do so in each state in which Grantor operates <br />C~~ ~ Y n~9~ I of <br />'"F~=I LI 0140]Bn,er, SY~,em41,.c 51 CIOW.I.III l'aim>O/CO Di.NC 01}Z/Z001 <br />